According to the Petroleum Information Center, which is commissioned by the federal government to analyze gasoline costs, the nationwide common retail worth of standard gasoline as of the twentieth of this month was 167.4 yen per liter, unchanged from final week.
Crude oil costs rose till the center of this month, partly as a result of the Russian authorities introduced on the tenth of this month that it might unilaterally lower manufacturing from subsequent month in response to sanctions imposed by the G7 = seven main international locations. , Gasoline costs remained flat resulting from authorities subsidies.
From the twenty third, the Ministry of Economy, Trade and Industry will present a subsidy of 18.7 yen per liter from the quantity wholesaled to gasoline stations in numerous locations.
Regarding the outlook for the long run, the Japan Petroleum Information Center commented, “In addition to the impact of Russia’s production cuts, the depreciation of the yen may push up the procurement price of crude oil. We expect the impact to be limited,” he stated.